Standard Bank Group, the parent company of Stanbic Bank Ghana, for the second consecutive year has been ranked as the most valuable banking brand on the African continent. According to a new report from leading brand valuation consultancy, Brand Finance, the bank also increased its brand value by 10% in the last year to reach over $1.74 billion US dollars.
Speaking on the award, Sim Tshabalala, Standard Bank Group Chief Executive said, “We’re delighted that we continue to lead as Africa’s most valuable brand. It’s the independently assessed indication that our business model – with its focus on providing consistently excellent service and complete banking, asset management and insurance solutions to our clients – is paying dividends.”
Kwamina Asomaning Chief Executive, Stanbic Bank Ghana, congratulated the team on this achievement. He said, “Last year, Standard Bank celebrated 160 years of providing excellent banking services across the African continent. I believe that our experience in addressing the needs of a wide array of clients across Africa have largely contributed to this recognition as Africa’s most valuable banking brand for the second time. Congratulations to all who made this achievement possible; we look forward to another year of successful partnerships with our clients.”
Brand Finance is the world’s leading independent brand valuation consultancy and uses the royalty relief approach to quantify the financial value of a brand – a method that estimates the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use. This value is a theoretical net economic benefit that the brand owner would achieve by licensing its brand in the open market.
Every year, Brand Finance puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across different sectors and countries. The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.
In 2019, Standard Bank began a journey that fundamentally redefined its business. The Group’s purpose of “Africa is our home, we drive her growth”, aims to connect Africa to the world in pursuit of inclusive and sustainable growth for the continent. Last year, the bank was also listed as the most valuable banking brand in Africa.